Hyundai And Kia Recall Vehicles Over Charging Unit Concerns
Portfolio Pulse from Lekha Gupta
Hyundai Motor Co., Ltd. (OTC:HYMTF) and Kia America have initiated a recall of 147,100 vehicles in the U.S. due to concerns with the Integrated Charging Control Unit (ICCU) that may stop charging the 12-volt battery, potentially leading to a loss of drive power and increasing crash risk. Hyundai is recalling 98,878 vehicles, including certain Ioniq and Genesis models, while Kia is recalling 48,232 vehicles, specifically certain EV6 models. This follows a September 2023 recall of over 3.3 million vehicles by both companies due to fire risks. HYMTF shares have fallen 5.76% to $56.51.
March 22, 2024 | 4:48 pm
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NEGATIVE IMPACT
Hyundai Motor Co., Ltd. has recalled 98,878 vehicles due to ICCU issues that may increase crash risk, contributing to a 5.76% drop in HYMTF shares to $56.51.
The recall of a significant number of vehicles due to safety concerns directly impacts Hyundai's reputation and operational costs, likely leading to negative investor sentiment and a decrease in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100